Definition from Nolo’s Plain-English Law Dictionary
The settlement of how much is to be paid on a claim or debt. For example, an IRS-approved change to a tax liability as originally reported on a tax return. Or, an insurance company's settlement on a claim. Also includes deductions from an individual taxpayers total income on Form 1040.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:10 pm